Business

The Securities and Exchange Commission (SEC) has stated that over the sum of N30b has so far been paid to investors in the Nigerian capital market from the backlog of unclaimed dividends.   As a means to further reduce the unclaimed dividends profile and curb its growth in the country, the Commission has notified the investing public that it will …

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Heritage Bank has embarked on mass retrenchment of its workers with 400 staff sacked in December. Investigations on Monday indicated that more workers are pencilled for sack. The bank, in October 2014, acquired Enterprise Bank with about N56bn ($281m). According agency report, a top management source in the bank, who pleaded anonymity, said that the sack cut across the top, …

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The Central Bank of Nigeria (CBN) will resume sales of dollar proceeds of international money transfer (IMT) to bureaux de change (BDCs) operators this week even as manufacturers kick against the move. Findings revealed that the CBN governor, Mr. Godwin Emefiele, disclosed this during a meeting with executives of the Association of Bureaux De Change Operators of Nigeria (ABCON). The …

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Africa’s richest man and foremost entrepreneur, Aliko Dangote, is setting up a $100 million vehicle assembly plant in Lagos, to tap the opportunity provided by the scarcity of forex and help tackle employment crisis in the country. The plant will be churning out heavy duty trucks on which his conglomerate, the Dangote Group spends huge amount to import for distribution …

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Olabode Adaramola Former Military President, General Ibrahim Babangida has expressed concern over the current insecurity situation and economic sabotage in the country, saying that it should be a source of concern to all Nigerians. General Babangida in a statement in Minna to mark this year’s Armed Forces Remembrance week urged all political leaders, traditional leaders, elder statesmen and the general …

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The Nigerian Stock Exchange (NSE) said it has put modalities in place at ensuring that the recent rolled-out Federal Government’s 10-point road map at reviving the economy becomes a success. The Government’s Fiscal Roadmap is aimed at addressing barriers to growth that will drive productivity, generate jobs and broaden wealth creating opportunities to achieve inclusive growth. Addressing the capital market …

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The Transmission Company of Nigeria (TCN) said that that the nation’s power generation capacity dropped slightly from 3,959 megawatts from Jan. 4, to 3,751.90 megawatts on Jan. 12, due to dearth of gas. The Nigerian Electricity System Operator (SO) website, a sub agency of TCN, disclosed the figure on its daily forecast website on power generation data in Lagos on …

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The World Bank has predicted that the Nigerian economy would rebound from recession and grow by one per cent in 2017 The multilateral institution stated this in its January 2017 Global Economic Prospects report. Nigeria’s third quarter 2016 real gross domestic product (GDP) had contracted by 2.26 per cent from -2.06 per cent in the second quarter of this year, …

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The Debt Management Office says it will raise N130billion worth of bonds in three categories on Jan. 18. The DMO said this in its January “Bond Circular” posted on its website on Tuesday. The issuance will be the first in 2017. According to the DMO, the three categories of bonds include a 20-year bond, a 10-year bond and a five-year …

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Senate President Bukola Saraki says the privatisation of the power sector has failed. Saraki said this on Tuesday in his message at the opening session of the Senate, while also decrying the policy inconsistencies that have continued to challenge the business environment. He said, “Before we left for the break, myself, a select few of us and stakeholders in the …

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